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India can become Major Economic Superpower with the help of Blockchain technology

Jan 14, 2018 Posted /  11338 Views

India can become Major Economic Superpower with the help of Blockchain technology

World Bank on Indian economy

India saw major changes in the year 2016-17. First, it was demonetization, then adoption of GST based taxation model and much debated Aadhar linking which accelerated by the end of the year. It was the second fastest growing economy after China and the World Bank Economic Prospects report asserted that the Indian financial sector will boom in the New Year and the growth will definitely pick up the pace to reach 7.3%.

India’s Economic affairs secretary, Subhash Chandra Garg posted wrote on Twitter last year-

“World Bank releases its GDP growth estimates. India projected to grow at 6.7% in 2017. Higher growth of 7.3% projected for 2018. Impressive advance corporate tax payments in 3rd quarter indicate India’s growth turn around to be much better.”

In addition, the World Bank mentioned in the report that the wave of sturdy private consumption and services will continue to rise and it is estimated that this wave will persist and sustain economic activity in the country. The report concluded-

“Private investment is expected to revive as the corporate sector adjusts to the GST; infrastructure spending increases, partly to improve public services and internet connectivity; and private sector balance sheet weaknesses are mitigated with the help of the efforts of the government and the Reserve Bank of India.”

Optimization through Blockchain

Investments in Bitcoin have increased since last few years in India, which is why the underlying Blockchain technology has also come under the notice of populace. Although the government has warned people on the use of various cryptocurrency, however, it has a positive opinion on the usage of the Blockchain technology. India is already recognized as one of the topmost nations to invest in terms of Information technology, which is why it is anticipated that the country will give the highest amount of support to this disruptive technology and get the gains in return.

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Already many State governments are methodizing their way into the implementation of Blockchain technology in their day-to-day activities and have set up centres to focus on its research and development. For instance, Andhra Pradesh government has set up a Blockchain Center of Excellence- a government project that has garnered much attention from the startups and specialists in Blockchain and appeals them to establish Andhra as India’s first Blockchain State. As Blockchain roped in the country many others state governments followed the practice such as Maharashtra, Karnataka, Kerala, and Rajasthan. Now you will witness various projects bind on the utilization of Blockchain and professionals finding new opportunities in the area.

If you will ask the state governments who have recommended the development of Blockchain, they say that the technology has the tremendous potential which can render substantial issues pertaining to the implementation of the government plans. Mostly developing countries like India face difficulty in the documentation of land records, asset registries, auto records, and frauds in voting, KYC, monetary transaction records and tracking of supply and similar issues which are the result of the corruption arising out of centralized data models.

Moreover, Blockchain can present solutions for exterminating the intimidations caused by the fraudulent structures and political intrusions in Government. Recently, an announcement has been made that Niti Aayog is definite on creating IndiaChain, a blockchain operated a project that the governments aim to harmonize the project of IndiaStack, and also leverage it for Aadhaar. This will substantially impinge on subsidy distribution, provenance, regulating land records, KYC in banking, SME-financing, energy distribution, court cases etc.

Bitindia- leading the way

Bitindia is an open source wallet & exchange platform for various cryptocurrencies which with a motive to empower the people of India with the help of Blockchain technology.  The slogan, which says "Freedom is better". The company on November 30, 2017, launched the Alpha version of the Bitindia wallet, which facilitates the use of Ethereum. The users on this reorganized platform can store currencies and, concurrently make payments through it. The wallet has been specifically targeted for the people of India.

Bitindia and the team involved in this project are very positive that blockchain can become the common mode of payment in the country. With the idea to bring an exceeding number of people to the blockchain-based platform, the company proposes to transform the current market scenario in India. The alpha version of this wallet can be accessed through this link below:

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: blockchain blockchain technology Indian economy

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